Road King prices $350 million senior notes at 9.5%

The deal is more than six times covered, allowing the repeat issuer to price at the tight end of guidance.

Road King Infrastructure Finance priced $350 million of senior Reg-S notes yesterday evening. The five-year notes pay a 9.5% coupon and were reoffered at par for a yield of 9.5% as well. The spread to the five-year US Treasury at the time of pricing was 801.4bp.

The maturity date has been set to September 21, 2015 and the bonds are callable after three years. Part of the proceeds will be used to fund a buy-back tender of the company's existing 2011 and 2012 bonds.

The issuer went on a non-deal roadshow earlier this year, which together with the fact that Road King is a repeat issuer with existing bonds in the market allowed...

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